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Investview, a prominent financial services technology business headquartered in the United States, is the first publicly traded entity to have cryptocurrencies on the balance sheet. According to a new statement, Investview currently has more than $1 million in Bitcoin and other altcoins, trailing in the footsteps of MicroStrategy, Tesla, and RushOrderTees.
The disclosure came when the company released its business estimates for the month of February 2021. It’s worth recalling that Investview’s cryptocurrency investment resulted in the firm’s largest monthly gross sales ($5.5 million) and nett profits ($1.9 million) ever, as well as a 30 percent operating profit for the month.
The news was also welcomed by Investview executives, with CEO Joe Cammarata saying,
“We continue to execute on the company’s four key fintech objectives of Bitcoin mining, education, financial trading tools, and our newly-announced digital currency product packages. Financial education remains a driving force with individual demand growing rapidly especially with greater participation from Gen X and Y. We will continue to enhance our mining operations, expand our educational tools, and increase our offerings to reach our fintech objective.”
Investview, as previously noted, is not the only publicly traded firm to have cryptocurrencies on the balance sheet. In reality, given Bitcoin’s recent results, it’s unlikely to be the last.
According to Bitcoin Treasuries, at the time of publishing, public corporations owned over $74.5 billion in BTC in their treasuries, with MicroStrategy and Tesla leading the way. Many of these businesses have seen exponential returns from their original BTC investments as a result of the recent bull market in the world’s largest cryptocurrency.
It is worth noting, though, that among such heavyweights backing Bitcoin, there are few industry contrarians. Take, for example, the case of FD7 Ventures. The Dubai-based company made headlines a few weeks ago when it revealed that it would liquidate its $750 million stake in Bitcoin in order to invest in Polkadot and Cardano instead. The fund’s Global Managing Director had mentioned at the time,
“Aside from the fact that Bitcoin was first to market and society has given it meaning as a store of value, I think Bitcoin is actually pretty useless.”